A current account meets the financial demands of firms and professionals who frequently deal with large transactions. It is an account style for demand deposits that allows for transactions, withdrawals, and overdrafts.
Since current accounts are linked to huge numbers of transactions, opening one is a little more difficult than creating a personal banking account. Online or offline, opening a current account is a simple process. However, the most convenient way is to finish the application by visiting the bank’s official website, followed by a video KYC.
In this article, you’ll learn ‘what is a current account,’ who can open it, and how to open one in the most convenient way possible. So, let’s start.
The current account is also a financial account, current account meaning is simple. It is a deposit account maintained by people who perform disproportionately high volume of banking activities regularly. The bank generates it at the applicant’s request and makes it accessible instantly.
Current accounts are open to everyone. Companies and firms that do a lot of transactions and have particular, special requirements would benefit most from a current account.
Open a current account online from top banking institutions like the IDFC First Bank, which offers the most convenient account opening experience.
Whether you’re an individual, Hindu Undivided Families (HUF), sole proprietorship, corporation, partnership firm, trust, or governmental entity, IDFC FIRST Bank’s current accounts are designed to meet various market niches and balance requirements.
Several options are available when opening a current account with banks like IDFC FIRST:
- If you’re a business individual, open a Business Current Account with Digital Video KYC.
- If you’re an individual, sole proprietorship, business, or partnership account, open a current account online using a smart tablet.
- Also, you can go for the physical form to open an account.
If you’re a sole proprietor or individual, submit these documents to open a current account online/offline:
- Proprietorship’s proof of address/Proof of business/income
- Recent passport-size photograph
- Proprietor’s/Individual’s PAN card
However, if you’re a private or public company, submit these documents:
- Business PAN card
- Business’s proof of address
- AOA, MOA, Certificate of Incorporation
- Commencement Certificate (INC 21)
- Registrar of Companies (ROC) receipt (Only for Public Ltd company)
- Board Resolution
- Passport-size photographs of signatories
Note: The documents asked from private/public companies vary from bank to bank. Contact the bank’s physical branch or inquire online about their specific document requirements.
You can now quickly apply for a current account online with the best banking institution, offering a simple, streamlined online account opening service.
So, you have to complete a form (attached with your contact information, business information, and personal information). Then, a bank customer service rep will contact you to get more information and will gather the paperwork needed to open your current account.